Excel picked up the pattern and placed a sequential power "^" for this -
(Terminal Value/1.105^5)
Should have been to the power of 4 and not 5 for working out the 4th year obviously - this inebriated trash heap puts out a lot of garbage that the sober one has to clean up!
I do believe cash flows will be a % or two above where the below DCF models take it.
Thanks for the work Winner.
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VALUATION AT 2.5% FCF & 10.5% DR |
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TV |
EV |
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2017 |
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45.3*1.025 |
= |
46.43 |
(46.43/1.105^1) |
= |
42.02 |
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2018 |
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46.43*1.025 |
= |
47.59 |
(47.59/1.105^2) |
= |
38.98 |
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2019 |
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47.59*1.025 |
= |
48.78 |
(48.78/1.105^3) |
= |
36.15 |
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2020 |
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48.78*1.025 |
= |
50.00 |
(50/1.105^4) |
= |
33.54 |
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2021 |
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50.00*1.025 |
= |
51.25 |
(51.25/1.105^5) |
= |
31.11 |
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51.25*(1.025)/(0.085-0.025) |
= |
875.52 |
(875.52/1.105^5) |
= |
531.44 |
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DEBT |
= |
106.60 |
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EV |
= |
606.63 |
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Shares Outstanding |
= |
355.91 |
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DCF TGH |
= |
$1.70 |
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VALUATION AT 1.5% FCF & 8.8% DR |
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TV |
EV |
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2017 |
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45.3*1.015 |
= |
45.98 |
(45.98/1.088^1) |
= |
42.26 |
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2018 |
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45.98*1.015 |
= |
46.67 |
(46.67/1.088^2) |
= |
39.43 |
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2019 |
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46.67*1.015 |
= |
47.37 |
(47.37/1.088^3) |
= |
36.78 |
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2020 |
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47.37*1.015 |
= |
48.08 |
(48.08/1.088^4) |
= |
34.31 |
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2021 |
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48.08*1.015 |
= |
48.80 |
(48.80/1.088^5) |
= |
32.01 |
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48.8*(1.015)/(0.088-0.015) |
= |
678.52 |
(678.52/1.088^5) |
= |
445.06 |
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DEBT |
= |
106.60 |
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EV |
= |
523.25 |
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Shares Outstanding |
= |
355.91 |
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DCF TGH |
= |
$1.47 |
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